Ten committed and market-based ways a listed issuer can fund working capital — from a $50M revolver to a $10B commercial paper program. We help you pick the right instrument, structure it, and execute.
Syndicated senior secured or unsecured revolver from a bank group. Committed liquidity to fund seasonal swings, acquisitions, or general corporate purposes.
Unsecured short-term notes (1–270 days) sold to money-market investors. Requires investment-grade rating and a backup revolver equal to program size.
Revolver sized against a borrowing base of receivables, inventory, and sometimes equipment. Advance rates float with collateral; useful for cyclical or leveraged issuers.
Sell a pool of receivables to a bankruptcy-remote SPV that issues rated notes or commercial paper conduit funding. Moves receivables off-balance-sheet (subject to accounting review).
Sell newly issued shares directly into the open market through a broker over time. Priced at prevailing market, minimal discount, and drawn only when capital is needed.
Senior unsecured notes convertible into common stock at a premium. Below-market coupon in exchange for equity optionality; often paired with a call-spread hedge.
5- to 30-year unsecured notes placed with institutional investors under Rule 144A or SEC-registered. Refinances short-term debt and terms out working capital needs.
Private Investment in Public Equity — negotiated block of common, preferred, or convertible sold to a small group of institutional investors, followed by a resale registration.
Buyer-led reverse-factoring program that lets suppliers get paid early at the buyer's credit rating while the buyer extends DPO. Improves cash conversion without new debt.
Universal shelf on file with the SEC lets a well-known seasoned issuer take debt or equity to market on same-day notice for up to three years. Not capital by itself — a launchpad.
Cost is only one input. Rating impact, dilution, execution speed, and covenant burden usually matter more.
Seasonal or bridge → revolver, CP, ABL. Structural → term notes, converts, equity.
IG issuers unlock CP, unsecured notes, and tighter revolver pricing. HY leans ABL, secured notes, and structured programs.
Same day → shelf takedown, ATM, existing revolver. 2–4 weeks → new revolver, PIPE. 6–10 weeks → registered bond deal.
Zero → debt only. Some → converts, warrants. Comfortable → ATM, PIPE, follow-on.
Our capital markets desk works with CFOs and treasurers of listed issuers to size, structure, and place the right instrument. Non-deal calls welcome.
